CubicFarm announces the preliminary results from Phase II of its project to validate its larger FreshHub configuration. CubicFarms' FreshHub System are a configuration of 96 modules occupying one acre with the potential to replace 100 acres of outdoor growing space.
CubicFarms has completed Phase II of its project for the commercial validation of its larger FreshHub configuration using CubicFarm Systems' patented technology. CubicFarms recently completed its first successful harvest from the FreshHub configuration prototype project with two machines at its research and development facility in Langley, BC.
Prior to conducting Phase II testing, CubicFarms was targeting a viable cultivation output weight of 32 kg per machine per day of lettuce, with a target of this output level achieving a 20% return on invested capital in order to validate commercial earnings by the end of Phase III. The recently completed harvest achieved a maximum weight of 40 kg per machine, per day equivalent for a specific test configuration. On the basis of the data collected from this phase, the Company believes that there are many process optimizations that can further increase output per machine, per day.
Based on the Phase II cultivation output, the Company expects that the commercial earnings targets of FreshHub remain achievable, in particular that the larger FreshHub configurations will be able to achieve or outperform the target objective of a return on invested capital of 20%.
John de Jonge, Interim Chief Executive Officer of CubicFarms, stated, "I am very excited about the outcome of Phase II of our FreshHub validation project. The results are extremely promising, and I believe there is a clear path to commercialization for the FreshHub project alongside the current focus on our HydroGreen division."
Daniel Burns, Chair of the Board of Directors and Special Committee, added, "The FreshHub prototype project can demonstrate the potential for at-scale success of the patented CubicFarms technology, bringing the approach from a small-farm agriculture solution to an industrial-scale solution competitive with field-grown produce."
For more information:
CubicFarms
1-888-280-9076
info@cubicfarms.com
www.cubicfarms.com